Significant Growth in Foreign Trade in First Month of Fiscal Year; Both Imports and Exports See Major Increase

Summary: In the month of Shrawan of the current fiscal year 2083/84, foreign trade grew by 35.44 percent, reaching NPR 2 trillion 26 billion 14 million, according to the Customs Department. Imports amounted to NPR 1 trillion 87 billion 44 million and exports reached NPR 38 billion 70 million in Shrawan, resulting in a trade deficit of NPR 1 trillion 48 billion 73 million. Major imports in Shrawan included crude soybean oil valued at NPR 18 billion 40 million, diesel at NPR 13 billion 85 million, and cooking gas at NPR 8 billion 46 million. Nepal’s highest trade volume was with India, from where imports totaled NPR 1 trillion 2 billion and exports NPR 33 billion 26 million.

Kathmandu, 5 Bhadra – In the first month of the current fiscal year 2083/84, namely Shrawan, Nepal has witnessed significant growth in foreign trade. According to the Customs Department, total foreign trade in Shrawan 2083 increased by 35.44 percent, reaching NPR 2 trillion 26 billion 14 million. In the same month of the previous fiscal year, total foreign trade amounted to NPR 1 trillion 66 billion 97 million. Both imports and exports have shown remarkable growth this year. Imports of goods in Shrawan amounted to NPR 1 trillion 87 billion 44 million, which is 31.04 percent higher compared to the previous year.

In Shrawan of the previous year, goods imports were valued at NPR 1 trillion 43 billion. Exports reached NPR 38 billion 70 million this year, marking a 61.72 percent increase over last year’s NPR 23 billion 93 million. The share of exports in total foreign trade has notably increased, reaching 17.11 percent, reflecting a 19.41 percent rise from the previous year. Meanwhile, the import share decreased by 3.25 percent, holding steady at 82.89 percent.

Alongside the rise in total foreign trade in Shrawan, the trade deficit has also widened. The trade deficit for the month stands at NPR 1 trillion 48 billion 73 million, which is 24.88 percent higher than the same period last year. The increase in imports has contributed to this rise in trade deficit. The trade deficit in Shrawan of the previous year was NPR 1 trillion 19 billion 10 million, the Customs Department reported.